Intellectual Property Rights: Practice and Drafting by Adv Gautam Matani. Register Now!
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Karan Krishnan   27 July 2023

Transfer of ownership

I built a house on land owned by my father. I took a home loan from SBI and was the co-applicant on it with my parents. I am an only son. I don't have money to pre-pay the entire loan amount. But I want the property to be transferred to my name so that I can avail the lower interest rate home loan that my employer is offering. How do I go about it?


 5 Replies

Real Soul.... (LEGAL)     28 July 2023

Let your father gift you the property through agift deed 

Shashi Dhara   28 July 2023

Yes let your father gift it to you.

Advocate Bhartesh goyal (advocate)     28 July 2023

Yes, to get ownership of  your father's share in property you need to obtain  registered gift deed of property from your father.

Shashi Dhara   29 July 2023

As you are father and son you may divide property through partition deed and register it also.

T. Kalaiselvan, Advocate (Advocate)     30 July 2023

It is alright that your father transfers the property to your name by executing a registered  gift deed.

But remember that your father cannot transfer the property to your name if there is a home loan subsisting on the property.

Until the home loan is discharged fully the bank becomes the owner with title.

Besides your title deeds are held by the bank which will be released only after the entire loan is fully repaid.

Since you are planning to avail loan through your employment sources, and as the interest rate is lower, it is a good idea to avail loan from your employer but for that the property should lie on your name with clear and marketable title on you, whereas the property now is on your father's name and he has pledged the property for home loan, therefore you may not have any alternative method than to continue with the repayment of existing loan.

However if you can manage to arrange funds to repay/foreclose the entire subsisting  loan amount through private sources, then you an get the property transferred to your name  and subsequent to which you can avail loan from your employer and repay it to the private lenders.

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